Coverdell ESA

Looking for options to save for your child's educational expenses?  This account, formerly known as an Education IRA, is one to consider in either a Savings or Certificate options.  Contributions are not tax-deductible, but your withdrawals (including earnings) are tax-free if used for tuition, books and other qualified educational expenses.

Your tax advisor can guide you on whether a Coverdell ESA is your best option.  Of course, Credit Union staff are always here to answer your questions and assist in opening your accounts.

Rates

IRAs/ESAs107/20/2018
Dividend Rate Annual Percentage Yield
IRA/ESA savings .40% .40%
1The rate is accurate as of specified date. Variable rate may change after account is open.

Certificates107/20/2018
3 months Dividend Rate Annual Percentage Yield
$1,000 - $9,999.99 .40% .40%
$10,000 - $24,999.99 .45% .45%
$25,000 - $49,999.99 .50% .50%
$50,000 - $99,999.99 .50% .50%
$100,000 + .55% .55%
6 months    
$1,000 - $9,999.99 .60% .60%
$10,000 - $24,999.99 .65% .65%
$25,000 - $49,999.99 .70% .70%
$50,000 - $99,999.99 .70% .70%
$100,000 + .75% .75%
1 year    
$1,000 - $9,999.99 .95% .95%
$10,000 - $24,999.99 1.00% 1.00%
$25,000 - $49,999.99 1.05% 1.05%
$50,000 - $99,999.99 1.05% 1.05%
$100,000 + 1.10% 1.11%
2 years    
$1,000 - $9,999.99 1.19% 1.19%
$10,000 - $24,999.99 1.24% 1.25%
$25,000 - $49,999.99 1.29% 1.30%
$50,000 - $99,999.99 1.29% 1.30%
$100,000 + 1.34% 1.35%
3 years    
$1,000 - $9,999.99 1.44% 1.45%
$10,000 - $24,999.99 1.49% 1.50%
$25,000 - $49,999.99 1.54% 1.55%
$50,000 - $99,999.99 1.54% 1.55%
$100,000 + 1.59% 1.60%
4 years    
$1,000 + 1.74% 1.75%
5 years    
$1,000 + 1.99% 2.01%
Youth Savings*    
$100 + 4.43% 4.50%
Teen Savings*    
$100 + 5.39% 5.50%
1Minimum opening balance is $1,000. A penalty may be imposed for early withdrawal. Rates are accurate as of specified date and are subject to change. *Youth Savings and Teen Savings Certificate minimum opening balance is $100. Additional deposits can be made up to $10,000 for the Youth Savings and $15,000 for the Teen Savings. The minimum additional deposit is $100. The Youth Savings matures on the childs 13th birthday. The Teen Savings matures on the teens 18th birthday. Any withdrawal prior to maturity will result in a penalty of all dividends earned.